Crude Oil Tanker News

Mitsui O.S.K. Lines (MOL) and Brazil’s state-owned energy giant Petrobras have signed a charter contract for cargo transfer vessel (CTV) SeaLoader 2, and agreed to start negotiations for a new CTV shipbuilding contract by the end of 2024.MOL signed the deal through its wholly owned subsidiary, SeaLoading Holding, which owns and operates CTVs.SeaLoading started a CTV agreement with Petrobras for SeaLoader 2 on a trial period in January 2022, and successfully completed more than 30 crude oil offloading operations from Petrobras' FPSOs located in the Santos Basin…

Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.

Freight going through the Suez Canal has dropped by 45% in the two months since attacks by Yemen's Houthis led shipping groups to divert freight, disrupting already strained maritime trading routes, according to UN agency UNCTAD.UNCTAD, the United Nations Conference on Trade and Development, which supports developing countries in global trade, warned of risks of higher inflation, uncertainty of food security and increased greenhouse gas emissions.Shipping companies have diverted ships from the Red Sea since the Iran-aligned Houthi movement…

Greek shipowner Performance Shipping Inc. announced it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels.The newbuilds, expected to be delivered in January and April of 2026, were ordered at a purchase price of US$64,845,000 per vessel, net of third-party commission. 15% of the purchase price is payable upon receipt of a refund guarantee…

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

On October 23, NYK held its annual roundtable discussion on current conditions and issues on board vessels, highlighting the role of communications in ship safety.The meeting was held at the NYK head office in Tokyo in a hybrid format and attended by more than 150 participants, including three captains and three chief engineers on leave, the captain and chief engineer on board the car carrier Iris Leader, the captain aboard the crude oil tanker Tensho, 22 executive officers, and…

Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming.Israel has vowed to annihilate Islamist group Hamas after its fighters stormed through Israeli towns from Gaza on Oct. 7, killing 1,400 people and seizing more than 220 hostages.Israeli forces have hit back with deadly air strikes and now a ground offensive on the narrow coastal strip, with growing fears the conflict could escalate and pull in the whole region.Israel…

U.S. shipping company Overseas Shipholding Group, Inc. (OSG) on Thursday announced it has reached an agreement with BP Oil Shipping Company to purchase the Jones Act compliant crude oil tanker Alaskan Frontier.Built by General Dynamics NASSCO in 2004, the 1.3-million-barrel capacity tanker is a sister to three other Alaskan Class vessels operated by OSG’s wholly owned subsidiary, Alaskan Tanker Company. It was part of Alaska Tanker Company's active fleet  until 2019 when the vessel was placed in cold lay-up in Labuan, Malaysia.OSG said it expects the transaction will be completed in early November. Afterward, the company intends to reactivate the tanker…

An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control.These vessels were part of a "shadow" fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a Reuters analysis of ship tracking and accident data and interviews with more than a dozen industry specialists.Hundreds of extra ships have joined this opaque parallel trade…

Oil and gas company Valeura Energy said Monday that modifications to the MT Jaka Tarub crude oil storage vessel were complete, making the vessel compatible with infrastructure at its Wassana oil field, offshore Thailand.According to Valeura Energy, the vessel is capable of tandem crude oil loading/offloading. "Subject to favorable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company Valeura Energy Asia Pte. Ltd." the company said.As reported by Offshore Engineer in December 2022…

Greek shipping company Performance Shipping on Wednesday announced it has signed a shipbuilding contract with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for a newbuild LR2 Aframax product/crude oil tanker.The 114,000 DWT vessel was ordered for for a contract price of $62.6 million, net of commission to third party, Performance Shipping said. The company noted that 15% of the purchase price is payable upon receipt of a refund guarantee…

Oil and gas company Valeura Energy has entered into a definitive agreement with PT Samudra Alam Transport to charter the MT Vula crude oil tanker to store oil produced from the Wassana oil field, offshore in the Gulf of Thailand.In Q2 2022, Valeura acquired KrisEnergy International (Thailand) Holdings Ltd. which owns and operates two licenses in the offshore Gulf of Thailand. The acquisition included the suspended Wassana oil field and the fully appraised Rossukon oil field. Additionally, through a separate agreement, the company agreed to acquire the Mobile Production Unit Ingenium (“MOPU”) which is on location at the Wassana oil field.Valeura said this week that the oil tanker to be chartered for Wassana would be renamed MT Jaka Tarub.The MT Jaka Tarub is a Panamax-sized oil tanker…

Danelec, a provider of digital solutions for the maritime industry, has announced the introduction of two new web-based Voyage Data Recorder (VDR) services designed to provide VDR status information as well give ship managers and operators secure remote access to the VDRs onboard vessels.The VDR Monitoring Service introduces a new online health status overview of VDRs combined with reported location of vessels, while the VDR Management Service adds to this with several key new features…

Indonesian authorities said on Monday it could take up to a month to free a crude oil tanker stuck in its waters, while the United States slapped sanctions on the vessel for alleged links to Hezbollah and a branch of Iran's Revolutionary Guards. The Indonesian navy has been trying to free the Djibouti-registered vessel, Young Yong, which ran aground off Indonesia's Riau Islands on Oct. 26. The U.S. last week issued sanctions against an international oil smuggling network it said supports Hezbollah and Iran's Quds Force, targeting dozens of people, companies, and tankers as Washington sought to mount pressure on Tehran. The Young Yong was among the vessels sanctioned. U.S. embassy officials in Singapore and Jakarta did not immediately respond to requests for comment.

Prospects for the crude oil tanker market are expected to stay strong for at least the next year helped by low ship ordering, despite the loss of some trade from Russia due to Western sanctions, leading ship operators say.Russia has increased exports to Asia, Africa and South America following the imposition of Western sanctions for its invasion of Ukraine.

Sumitomo Heavy Industries Marine & Engineering (SHI-ME) selected SENSFIB Structural Health Monitoring for the third in a series of 115,000 DWT AFRAMAX crude oil tanker newbuilds for Greek ship management company Samos Steamship.The SENSFIB systems from Light Structures is already installed on the first two vessels in the series, both of which are due for delivery in Q2 2023 and Q3 2023.The SENSFIB system is designed to provide predictive and actionable real-time data on board…

The U.S. Army Corps of Engineers has released the Final Environmental Impact Statement for the North Wing of the BP Cherry Point Marine Terminal, which is located near Ferndale, Wash. The Notice of Availability was published in the Federal Register by the Environmental Protection Agency today.The Final EIS examines the incremental environmental effects related to operation of the North Wing of the BP Cherry Point Marine Terminal, the risk of potential accidents and oil spills within a portion of Puget Sound…

Greek tanker owner Performance Shipping announced it has taken delivery of the a 2009-built 105,071 dwt Aframax tanker that it agreed to purchase in June 2022.The vessel, formerly known as Maran Sagitta, has been renamed P. Sophia. It was built in 2009 by Hyundai Heavy Industries Co., Ltd. in Ulsan, South Korea. Performance Shipping acquired the vessel for a gross purchase price of $27,577,320.Andreas Michalopoulos, Performance Shipping’s chief executive officer, said the delivery increases the company’s fleet to a total of six Aframax tankers, all currently operating in the firm spot charter market. “The addition of this high specification vessel…

Tanker shipping company Nordic American Tankers on Friday took delivery of a suezmax newbuild from shipbuilder Samsung Heavy Industries in South Korea.The 157,000-dwt crude oil tanker is named Nordic Harrier, which was the first NAT ship when becoming stocklisted on the New York Stock Exchange in 1995.The ship, which is on a 10-year bareboat charter to NAT from Norwegian shipowner Ocean Yield, will commence a contract for six years to ASYAD Shipping Company of the Sultanate of Oman. "The contract is producing earnings and cashflow as from delivery from the yard, creating financial stability and a further foothold in this important area," New York-listed NAT said in a letter to investors and shareholders.

A newbuild aframax tanker Green Adventure was launched for Aegean Shipping at the Cosco Yangzhou shipyard in China's Jiangdu District on Monday. The 112,500 DWT crude oil tanker is scheduled to be delivered later this year.The vessel is one of four currently being built for the Greek shipping company at Cosco Yangzhou. Aegean ordered the first two ships in September 2020 and exercised an option for the third and fourth in December of the same year. Aegean has ordered 12 consecutive vessels from COSCO Group yards over the last five years.The series' first ship…

A Russian-flagged crude oil tanker targeted by U.S. sanctions is heading to Malaysia, shipping data showed on Monday, amid growing international scrutiny on businesses linked to Moscow following its invasion of Ukraine.The Linda, named in a U.S. Treasury document detailing sanctions against Russia, was in the Indian Ocean and was expected to arrived at Sungai Linggi port on Malaysia's west coast on Sunday, according to data from ship tracking website MarineTraffic.com.It was not immediately clear whether or not authorities in Malaysia plan to allow the ship to dock. Its marine department and foreign ministry did not immediately respond to requests for comment.According to the United States…

Cost hurdles likely to slow the deployment of stationary carbon capture and storage (CCS) technologies on board ships in the near and medium term could be diminished as technology advances, clearing CCS could be a persuasive option for the industry’s decarbonization trajectory, a recent study found.Tanker shipping company Stena Bulk announced the results of its partnership with the Oil and Gas Climate Initiative (OGCI) to study and explore the potential of capturing carbon at…

Norwegian investment company Standard Drilling said Tuesday it had sold its 33.3% ownership in the VLCC Gustavia S, following the updated company strategy. Standard Drilling, which in 2013 sold off its offshore drilling rigs, only to return as offshore vessel owner in 2016, in January 2020 entered the tanker market by acquiring a 33.3% ownership in the newly built Gustavia S VLCC.Now, the company has sold its stake in the 300 000 TDW ECO Design Crude Oil Tanker built by Daewoo Shipbuilding & Marine Engineering Co and fitted with scrubber technology delivered by Wärtsila. The transaction values the vessel at USD 93 million, where Standard…